WHO QUALIFIES
New homebuyers, existing homeowners, rental property owners, and other affordable housing projects may qualify for Region 6 Housing Trust Fund assistance. Region 6 Housing Trust Fund, Inc. was organized in 2009 to assist Hardin, Marshall, Poweshiek, and Tama Counties expand the supply of quality affordable housing. The Iowa Finance Authority, Region 6 Planning, MICA, Counties, and others have provided financial support for this regional initiative.
ELIGIBILITY GUIDELINES
o All households shall have incomes under 80% of the current county median family income, as determined by HUD. The current amount is listed below, and is subject to change at any time.
o Eligible properties must be owner-occupied, with title in name of owner-occupant and financing from a conventional mortgage or owned outright. Pursuant to the administrative rules of the housing trust fund, no grant assistance for housing rehabilitation projects can be awarded on homes that are being purchased on contract.
o The Region 6 Housing Trust Fund Board of Directors will review the applications and may amend the program eligibility rules at any time.
o Any applicant can use only one form of the assistance listed below.
o Assistance is only available to individuals with verified immigration status.
o Applicants shall be current on taxes, utilities, mortgage payments, and housing insurance.
o The property shall be clear of junk and any nuisances.
o All projects shall sign a mortgage that can be properly recorded locally.
o All assistance will require some no-cost homebuyer counseling.
TYPE OF ASSISTANCE
All assistance will be provided in the form of a 5-year loan. Some of the loan amount will be forgivable and some repayable, depending upon income. Rental property owners will qualify for a 2% APR 5-year mortgage.
HOMEBUYER ASSISTANCE
Up to $2,500 of downpayment and closing cost assistance is available. This assistance will be provided at the time of closing. This assistance cannot be provided for any subprime, balloon, or any predatory loan.
To be eligible for downpayment and/or closing cost assistance, you must have a purchase agreement for a home and conventional financing approved.
EXISTING HOMEOWNER AND RENTAL PROPERTY OWNER ASSISTANCE
Up to $10,000 of housing improvement assistance is available. All projects shall be inspected by Region 6 Planning staff and the applicants are expected to get at least 2 quotes. If work is done by an applicant, only materials are eligible. Improvements are limitesro roofing and emergency repairs. Construction materials shall meet U.S. Department of Energy “Energy Star” standards where such products are available.
Rental property owners shall contribute 10% of the rehabilitation project cost. The maximum rent limit for 5 years shall be the most recent published HUD Fair Market Rent. All new tenants for 5 years shall also meet the program income guidelines. A rental property owner is only eligible for one parcel or up to $10,000 over a 2-year time period.
NEW CONSTRUCTION, HOMELESS, OR HOMELESS PREVENTION
The Region 6 Housing Trust Board of Directors will review applications for these projects and determine whether any assistance will be provided.
INCOME LIMITS
In order to be eligible for the Region 6 Housing Trust Fund assistance, the anticipated verified income of the applicant household over the next 12 months shall be at or below 80% of the median family income levels, specified as follows:
|
County
|
# of People in Household
|
80% MFI*
|
|
Hardin, Tama & Marshall
|
1
|
$33,250
|
|
|
2
|
$38,000
|
|
|
3
|
$42,750
|
|
|
4
|
$47,450
|
|
|
5
|
$51,250
|
|
|
6
|
$55,050
|
|
|
7
|
$58,850
|
|
|
8
|
$62,650
|
|
Poweshiek
|
1
|
$37,350
|
|
|
2
|
$42,650
|
|
|
3
|
$48,000
|
|
|
4
|
$53,300
|
|
|
5
|
$57,600
|
|
|
6
|
$61,850
|
|
|
7
|
$66,100
|
|
|
8
|
$70,400
|
|
|
|
|
*Effective 12/1/11 - subject to change at any time.
HOW TO APPLY
Applications will be accepted continuously and will be reviewed on a first-come, first-served basis. Application forms will be available on our website or by contacting Donna Sampson at Region 6 Planning Commission, 641-752-0717 or dsampson@region6planning.org or from any Region 6 Housing Trust Fund board member.
BROCHURE AND APPLICATION
To access the brochure, click the link below and download the brochure.
Link: Housing Trust Fund Brochure
To access the application, click the link below and download the application.
Link: Housing Trust Fund Application
To access a document outlining the Housing Trust Fund guidelines, click the link below and download the document.
Link: Housing Trust Fund Guidelines